About the Loan Process
Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in one day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply information about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with this company to set your date to close. Since you will not have to worry about these details, you can concentrate on the move, paint colors, carpet, and the details involved in getting a new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you're moving in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call First Southeast Mortgage Corporation at 954.920.9799. First Southeast Mortgage Corporation answers loan process questions every day.